PSEi back in the doldrums

The local stock barometer returned to the doldrums Friday as investors across the region turned cautious ahead of the next US jobs data.

The Philippine Stock Exchange index lost 46.98 points or 0.66 percent to close at 7,051.78, tracking sluggish markets in the region.

Investors are closely monitoring the next US payrolls data from which they expect to find clues on whether the US Federal Reserve would raise its interest rates this month.

At the local market, the index was down by around 0.6 percent or 47.03 points for the four-day trading week.

The day’s decline was led by the property counter, which slumped by 1.36 percent while the financial, industrial, holding firms and services counters also ended lower. Only the mining/oil sub-index was slightly higher.

Value turnover hit P5.84 billion.  There were 63 advancers which were outnumbered by 106 decliners, while 43 stocks were unchanged.

Foreign investors remained the net sellers.

The PSEi was led lower by SM Prime and BDO, which wer both down by more than 2 percent while URC, SMIC and AC fell by about 1 percent.

ALI, Metrobank, GTCAP, Globe, AGI, MPI and Meralco also slipped.

The PSEi’s decline was curbed by the 3.37-percent gain of Semirara. PLDT and JG Summit also gained.

Non-PSEi stock DoubleDragon also rose by 0.68 percent in heavy trade. Doris Dumlao-Abadilla